Allowance of Expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 May 2010
Purchase a bike (motor cycle) from Cash for the busioness purpose whether it is disallowed u/s 43A(3) of income Tax Act..
Thanx in advance
Thanx in advance
26 May 2010
No it is not
26 May 2010
No it is not
26 May 2010
The cash payment for the capital expenses is not disallowed.
26 May 2010
AGREED, IT IS ALLOWED.
26 May 2010
Section 40A(3) does not apply to expenditure which is not to be claimed as deduction u/s 30 to 37.
Purchase of bike is capital expenditure.
Under section 37, only revenue expenditure is deductibele.
Hence 40A(3) is not applicable to purchase of bike in cash.
Purchase of bike is capital expenditure.
Under section 37, only revenue expenditure is deductibele.
Hence 40A(3) is not applicable to purchase of bike in cash.
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